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Possible Bullish Inside Day Candle Pattern Detected for Hornbeck Offshor (NYSE:HOS)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Hornbeck Offshor (NYSE:HOS) based on the price action in the company's shares. Yesterday's price range of $3.06 and $3.20 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Hornbeck Offshor may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Hornbeck Offshore Services, Inc. provides marine transportation services to the offshore oil and gas industry. The Company owns and operates deepwater offshore supply vessels in the Gulf of Mexico, which support day-to-day operations of oil drilling rigs and production platforms. Hornbeck also owns and operates ocean going tugs and barges in the northeastern United States and Puerto Rico.

Hornbeck Offshor (NYSE:HOS) has potential upside of 26.8% based on a current price of $3.17 and analysts' consensus price target of $4.03. Hornbeck Offshor shares should first meet resistance at the 200-day moving average (MA) of $3.92 and find additional resistance at the 50-day MA of $4.25.

In the past 52 weeks, shares of Hornbeck Offshor have traded between a low of $2.68 and a high of $6.14 and closed yesterday at $3.17, which is 18% above that low price. The 200-day and 50-day moving averages have moved 0.27% lower and 1.98% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Hornbeck Offshor. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Hornbeck Offshor in search of a potential trend change.

Keywords: bullish am inside day candle hornbeck offshor

Ticker(s): HOS